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DocuSign stock soars after IPO as cloud fever continues

The love for newly public cloud names continued Friday, as shares of electronic-signature company DocuSign Inc. popped in their trading debut.

DocuSign’s DOCU, +37.00% stock ended Friday up 37% from its initial-public-offering price of $29, which was already higher than the company’s increased target range. The company, which enables companies to obtain e-signatures on contracts and documents, raised $629 million overall, with $470 million going to the company and the rest collected by investors and insiders.

Friday’s stock jump values the company at slightly more than $6 billion, double the $3 billion valuation it reportedly fetched in an April 2015 private-funding round.

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